Monro confirmed to head Watpac

Construction and development group
Watpac
has appointed acting chief executive
Martin Monro
to the top job.

Mr Monro is a 20-year veteran of the construction industry who joined Watpac in 2004 with the takeover of Grant Constructions, of which he was managing ­director.

He then became head of Watpac Constructions in NSW and, in 2009, national general manager.

He has been acting chief executive since May.

Mr Monro will earn a fixed remuneration of $850,000 including superannuation and participate in Watpac’s short-term and long-term incentive plans.

Last week he was issued with 440,000 performance rights under the long-term incentive plan. Mr Monro said the immediate priority was to ensure the group was fit and financially strong to deliver on strategies like the sale of non-core properties.

He stressed that the group was continuing development on several projects including Brisbane’s Waterloo Junction and residential towers including The Luxton in Melbourne.